ATWOOD OCEANICS INC

CIK:0000008411|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES:
Contract drilling	$ 111,803	$ 217,818	$ 423,906	$ 794,979
Revenues related to reimbursable expenses	5,431	9,979	18,590	36,988
Total revenues	117,234	227,797	442,496	831,967
COSTS AND EXPENSES:
Contract drilling	48,182	80,524	178,129	301,094
Reimbursable expenses	3,245	5,489	14,521	22,898
Depreciation	38,500	41,084	121,751	124,964
General and administrative	15,557	12,028	43,193	38,693
Asset impairment	211	(659)	59,173	64,773
Loss on sale of assets	379	0	261	77
Other, net	0	16	0	(1,044)
Costs and Expenses	106,074	138,482	417,028	551,455
OPERATING INCOME	11,160	89,315	25,468	280,512
OTHER (EXPENSE) INCOME:
Interest expense, net of capitalized interest	(13,636)	(19,674)	(43,464)	(50,533)
Interest income	708	9	975	19
Gains on extinguishment of debt	0	50,466	0	58,863
Other income	0	0	0	17,976
Other income (expense) total	(12,928)	30,801	(42,489)	26,325
(LOSS) INCOME BEFORE INCOME TAXES	(1,768)	120,116	(17,021)	306,837
PROVISION FOR INCOME TAXES	2,581	20,611	6,520	45,814
NET (LOSS) INCOME	$ (4,349)	$ 99,505	$ (23,541)	$ 261,023
(LOSS) EARNINGS PER COMMON SHARE (NOTE 3):
Basic (in dollars per share)	$ (0.05)	$ 1.54	$ (0.32)	$ 4.03
Diluted (in dollars per share)	$ (0.05)	$ 1.53	$ (0.32)	$ 4.02
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (NOTE 3):
Basic (in shares)	80,542	64,795	74,515	64,750
Diluted (in shares)	80,542	64,847	74,515	64,852

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net (loss) income	$ (23,541)	$ 261,023
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	121,751	124,964
Amortization	4,357	2,407
Provision for doubtful accounts	2,472	4,619
Deferred income tax benefit	86	(378)
Share-based compensation expense	10,657	8,224
Asset impairment	59,173	64,753
Loss (gain) on sale of assets	261	(71)
Gain on extinguishment of debt	0	(58,863)
Other, net	0	(1,137)
Changes in assets and liabilities:
Accounts receivable	32,479	121,964
Income tax receivable	3,326	511
Inventories of materials and supplies	(891)	12,988
Prepaid expenses, deferred costs and other current assets	6,324	19,377
Deferred costs and other assets	(6,440)	(1,019)
Accounts payable	911	(33,674)
Accrued liabilities	10,400	(3,274)
Income tax payable	(1,055)	(376)
Deferred credits and other liabilities	28,558	(6,623)
Net cash provided by operating activities	248,828	515,415
Cash flows from investing activities:
Capital expenditures	(173,246)	(198,248)
Proceeds from sale of assets	2,338	20,813
Net cash used in investing activities	(170,908)	(177,435)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	125,000	45,000
Principal payments on long-term debt	(55,000)	(290,110)
Dividends paid	0	(21,746)
Payments related to exercise of stock options	0	(930)
Proceeds from issuance of common stock	180,966	0
Windfall tax benefits from share-based payment arrangements	0	14,797
Net cash provided by (used in) financing activities	250,966	(252,989)
Net increase in cash and cash equivalents	328,886	84,991
Cash and cash equivalents, at beginning of period	145,427	113,983
Cash and cash equivalents, at end of period	474,313	198,974
Non-cash activities:
Increase in accounts payable related to capital expenditures	$ 9,612	$ 7,902

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Sep. 30, 2016
ASSETS
Cash	$ 474,313	$ 145,427
Accounts receivable, net	78,140	113,091
Income tax receivable	2,769	6,095
Inventories of materials and supplies, net	102,444	109,925
Prepaid expenses, deferred costs and other current assets	13,617	18,504
Total current assets	671,283	393,042
Property and equipment, net	4,137,741	4,127,696
Other receivables	11,831	11,831
Deferred income taxes	165	165
Deferred costs and other assets	7,174	7,058
Total assets	4,828,194	4,539,792
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	35,822	25,299
Accrued liabilities	11,034	7,868
Interest payable	13,571	7,096
Income tax payable	7,239	8,294
Deferred credits and other liabilities	8,663	799
Total current liabilities	76,329	49,356
Long-term debt	1,298,136	1,227,919
Deferred income taxes	1,815	1,202
Deferred credits	12,429	0
Other	39,663	30,929
Total long-term liabilities	1,352,043	1,260,050
Commitments and contingencies (Note 9)
Preferred stock, no par value, 1,000 shares authorized, none outstanding	0	0
Common stock, $1.00 par value, 180,000 shares authorized with 80,544 issued (Note 10) and outstanding as of June 30, 2017 and 180,000 shares authorized and 64,799 shares issued and outstanding as of September 30, 2016	80,544	64,799
Paid-in capital	413,831	237,542
Retained earnings	2,905,334	2,929,839
Accumulated other comprehensive loss	113	(1,794)
Total shareholders' equity	3,399,822	3,230,386
Total liabilities and shareholders' equity	$ 4,828,194	$ 4,539,792